Agencies – Gaza Post
Qatar issues the first digital payment licenses to fintech providers
The central bank of Qatar has granted the first ever digital license payments in the country today.
The bank has licensed Vodafone Qatar’s Ooredoo Money and iPay so that they can provide digital payment services. The central bank hopes to oversee all companies providing digital payment services in an effort to “contribute to the development of the financial technology sector,” according to a statement.
Ooredoo is a Qatari telecommunications giant. The company Money wallet is a digital payment system. Vodafone, based in the UK, is also a telecommunications company. Vodafone Qatar I pay it also provides digital payment services.
What does it mean: Financial technology, or fintech, refers to financial activity that takes place digitally, including via the Internet and mobile phone apps.
Because matter: The fintech sector is growing across the Gulf as many countries in the region work to diversify economically and rely less on oil and gas. Earlier this month, the Saudi Central Bank approved two new fintech companies. In May, several fintech companies decided to join the Hub71 Abu Dhabi startup community.
